The hasty digital transformation is disrupting the traditional bancassurance model based on complex products and not-so-dynamic distribution. This is where you need to steer carefully.
According to recent research by McKinsey and Reinsurance Group of America, bancassurance is a distribution channel that is poised to become increasingly important. One of the key elements for growth and maintaining operational security here is digitalisation.
Between 2001 and 2017, Latin America, which led the growth of bancassurance, saw a 12% increase in premiums. In Asia, revenues from this channel grew by 9.2%. In Europe, between 2012 and 2019, life insurance premiums in bancassurance grew by 3.6% per year, compared to 3.1% in other channels. Non-life insurance premiums grew by 5.3% per year, compared to 2.0% in other channels.
